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Huntsman Completes the Acquisition of Gabriel Performance Products, Further Expanding its Specialty Chemicals Portfolio

Huntsman | January 20, 2021

Huntsman Corporation (NYSE: HUN) today announced it completed the acquisition of Gabriel Performance Products (Gabriel), a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.
Huntsman paid $250 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Gabriel had 2019 revenues of approximately $106 million with three manufacturing facilities located in Ashtabula, Ohio, Harrison City, Pennsylvania and Rock Hill, South Carolina.  Based on calendar year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 11 times, or approximately 8 times pro forma for synergies.   
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions.
Certain information in this release constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed under the caption "Risk Factors" in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, ability to achieve projected synergies, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.

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Permian Resources Releases Portfolio Optimization Transactions

Permian Resources | January 24, 2023

Permian Resources Corporation has announced a series of portfolio management transactions, including a bolt-on acquisition, the divestiture of non-operated production and land, and the sale of a part of its water infrastructure assets in Reeves County, Texas. Acquisition Summary Permian Resources has signed a definitive agreement to purchase 3,300 net royalty acres, 4,000 net leasehold acres, and 1,100 Boe/d (73% oil) of net production, primarily located in Lea County, New Mexico, from an unnamed third party for a total purchase price of $98 million. This purchase price reflects an acquired value of roughly $8,000 per net leasehold acre and approximately $7,000 per net royalty acre. The operating location of the assets includes primarily undeveloped land and is next to one of the company's current core blocks in Lea County. Non-Operated Divestitures Summary Permian Resources also confirmed the divestiture of producing, non-operated assets in Reeves County consisting of roughly 1,800 Boe/d (44% oil) and 3,500 net leasehold acres for $60 million to an unknown third party, showing a valuation multiple of more than 5x 2023 anticipated EBITDA. The divested acreage covers the vast bulk of the company's non-operated position in Texas and includes a negligible residual inventory. Midstream Infrastructure Transactions Summary The company signed formal agreements with an unnamed third party to sell a portion of its saltwater disposal wells and related produced water infrastructure in Reeves County for $125 million. The total consideration will be paid at closing, with $60 million subject to repayment if specific requirements tied to Permian Resources' future drilling activities in the service region are not satisfied over the next several years. About Permian Resources Permian Resources is a prominent independent oil and natural gas firm committed to generating outsized returns for its shareholders via acquiring, optimizing, and developing oil and liquids-rich natural gas properties. Headquartered in Midland, Texas, it is the most prominent pure-play E&P firm in the Delaware Basin. Leveraging its technical knowledge and operational flexibility to create the best and add to its portfolio of high-return, long-life inventory, which allows the firm to offer industry-leading returns to its shareholders. The company is committed to improving its high-quality, diversified asset base, implementing a capital-efficient development program, optimizing a conservative balance sheet and financial policy, and enhancing shareholder returns via a disciplined investment strategy.

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Quaker Houghton Signs Contract with Constellation to Achieve Carbon Neutrality

Quaker Houghton | January 31, 2023

On January 30, 2023, Quaker Houghton announced that it has signed a contract with Constellation to acquire Renewable Energy Certificates (RECs) to meet roughly half of its entire U.S. based electricity requirements. Constellation's RECs are Green-e® Energy Certified and sourced from wind and solar energy facilities in the contiguous United States. Throughout the contract's life, 100% of the electricity purchased by specific Quaker Houghton U.S. sites will be acquired from a renewable source or matched with RECs, which are subsequently retired. Each Renewable Energy Certificate that has been retired represents the environmental benefits of one megawatt-hour (MWh) of electricity produced by a renewable generator. Through the acquisition of Renewable Energy Certificates (RECs), Quaker Houghton supports the operation and development of facilities that generate clean, renewable energy in regions where on-site production is not viable. Quaker Houghton's Chief Executive Officer and President, Andy Tometich, commented, "Sustainability is core to our business and is a critical, driving force in our long-term plan. We are pleased to accelerate the achievement of our greenhouse gas emissions targets through the use of renewable energy certificates and remain committed to delivering on our ambitious 2030 sustainability goals." (Source – PR Newswire) Constellation's Senior Vice President, Retail, Daniel J. Verbanac, stated, "Constellation is pleased to support the sustainability goals of our customers." He added, "As America's leading clean energy producer, Constellation lauds Quaker Houghton's choice of renewable energy which helps reduce pollution and demonstrates a commitment to the environment." (Source – PR Newswire) About Quaker Houghton Headquartered in Conshohocken, Pennsylvania, Quaker Houghton is a global leader in industrial process fluids. Its high-performance, innovative, and sustainable solutions are supported by best-in-class technology, deep process expertise, and personalized services. The company has over 4,000 personnel and operates in more than 25 countries. Its clients include the world's renowned advanced steel, aluminum, offshore, automotive, aerospace, mining, can, and metalworking firms. Its chemists, engineers, and industry experts work with businesses to continuously enhance their operations so that they can function even more efficiently and successfully in the future.

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Albemarle Set to Launch Technology Park in North Carolina

Albemarle | January 09, 2023

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Permian Resources Releases Portfolio Optimization Transactions

Permian Resources | January 24, 2023

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Quaker Houghton Signs Contract with Constellation to Achieve Carbon Neutrality

Quaker Houghton | January 31, 2023

On January 30, 2023, Quaker Houghton announced that it has signed a contract with Constellation to acquire Renewable Energy Certificates (RECs) to meet roughly half of its entire U.S. based electricity requirements. Constellation's RECs are Green-e® Energy Certified and sourced from wind and solar energy facilities in the contiguous United States. Throughout the contract's life, 100% of the electricity purchased by specific Quaker Houghton U.S. sites will be acquired from a renewable source or matched with RECs, which are subsequently retired. Each Renewable Energy Certificate that has been retired represents the environmental benefits of one megawatt-hour (MWh) of electricity produced by a renewable generator. Through the acquisition of Renewable Energy Certificates (RECs), Quaker Houghton supports the operation and development of facilities that generate clean, renewable energy in regions where on-site production is not viable. Quaker Houghton's Chief Executive Officer and President, Andy Tometich, commented, "Sustainability is core to our business and is a critical, driving force in our long-term plan. We are pleased to accelerate the achievement of our greenhouse gas emissions targets through the use of renewable energy certificates and remain committed to delivering on our ambitious 2030 sustainability goals." (Source – PR Newswire) Constellation's Senior Vice President, Retail, Daniel J. Verbanac, stated, "Constellation is pleased to support the sustainability goals of our customers." He added, "As America's leading clean energy producer, Constellation lauds Quaker Houghton's choice of renewable energy which helps reduce pollution and demonstrates a commitment to the environment." (Source – PR Newswire) About Quaker Houghton Headquartered in Conshohocken, Pennsylvania, Quaker Houghton is a global leader in industrial process fluids. Its high-performance, innovative, and sustainable solutions are supported by best-in-class technology, deep process expertise, and personalized services. The company has over 4,000 personnel and operates in more than 25 countries. Its clients include the world's renowned advanced steel, aluminum, offshore, automotive, aerospace, mining, can, and metalworking firms. Its chemists, engineers, and industry experts work with businesses to continuously enhance their operations so that they can function even more efficiently and successfully in the future.

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Albemarle Set to Launch Technology Park in North Carolina

Albemarle | January 09, 2023

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